A streak that hasn't been seen in nearly nine years just landed on a Beijing summit.
The offshore yuan strengthened against the dollar for an 11th straight session on Thursday, the day President Donald Trump opened a summit with China's Xi Jinping. The currency's last run this long was in September 2017.
Currency traders are reading the streak as a bet on calmer US-China relations.
This is the first sitting US president visit to Beijing in nearly a decade. Trump told reporters the two countries would have a "fantastic future together," while Xi struck a similar tone, saying the US and China should "be partners, not rivals."
That tone matters for currency markets, since the yuan - which the Chinese central bank manages closely - tends to firm up when Beijing wants to send a signal of stability.
It is sending one now.
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Trump brought a heavy business delegation to Beijing, including Nvidia's Jensen Huang and Tesla's Elon Musk. Huang described the meetings as "excellent."
Xi told US business leaders China would keep opening its economy. That kind of headline pulls global money toward Chinese assets, and it pushes the yuan higher in the process.
The currency rally has not carried through to mainland Chinese stocks. The CSI 300 fell 1.3% on Thursday after hitting its highest level since 2021 ahead of the meeting, while Shanghai's main index fell about 1%.
That gap matters. It tells you currency traders see a long-term improvement, while equity traders are still locking in profits from the run-up.
The summit is not over, and most market-moving language usually comes near the close. Anything specific on chip export rules, AI access, or Taiwan-related communication could move the yuan further in either direction.
The bigger picture: a sustained streak in the yuan would also pressure other Asian currencies higher, which is something Asia-focused investors will want to track.
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